The All-New Chrysler 200, the midsize family sedan brand of Fiat Chrysler Automobiles, has hit the market with drastic changes in design and auto technology. It has been freshly repackaged, with a revised powertrain, restyled cabin, better fuel efficiency based on nine-speed transmission, and numerous safety features. This is the first vehicle to be built on the joint platform of Chrysler and Fiat after their merger in 2014 and it is fun to discover how Italian flavors are mixed with the America

The top management of Korea Aerospace Industries, the nation’s sole aircraft manufacturer, has set a 30 percent growth target for sales this year, boosted by growing revenue from exports.  “When the sales goal is achieved, the company’s revenue will soar to a record high of 3 trillion won ($2.7 billion) by year-end,’’ KAI CEO Ha Sung-yong said during the firm’s annual general meeting. The event was held at the company’s headquarters in Sacheon, South Gyeongsang Province, on Friday. The bold sale

Kia Motors, the nation’s second largest carmaker, released an artistic rendering on Thursday of its new K5, a midsize sedan brand, ahead of its official launch at the Seoul Motor Show to be held April 3-12. The second-generation K5 comes five years after the brand debuted in 2010.  An artist’s rendering of the new K5. (Kia Motors)“All new K5 will set new standards in design,” the carmaker said in a press release. “The new K5 was developed in pursuit of the world-class sporty design and a bulked-

The Kurdistan government has demanded an apology from a Korean lawmaker and newspaper over allegations it took bribes from state-run oil developer Korea National Oil Corp. back in 2008, according to officials.The Kurdistan Regional Government’s Natural Resources Ministry said it would take legal action against Rep. Chun Soon-ok from the main opposition New Politics Alliance for Democracy, and a local daily unless they apologized, the officials said.The KRG’s ministry sent emails on Monday to Kor

GS Energy, an energy business arm of GS Group, joined a bid to secure a stake in the Abu Dhabi Company for Onshore Oil Operations, which operates 15 oil fields in the United Arab Emirates, to expand its crude oil production business in January, the company said in a recent filing to financial authorities.“GS Energy is seeking to buy a 5 percent stake in ADCO, which is estimated at 1.25 trillion won ($1.11 billion),” industry sources said.“When GS Energy wins the deal this month, it will secure 4

Hankook Tire, the nation’s largest tiremaker, will soon participate in the management of Halla Visteon Climate Control Corp., having acquired a 19.49 stake for 1.08 trillion won ($983.84 million) in December, to diversify its business domain into the car parts sector. HVCC is a global supplier of automotive thermal management solutions and partners with car manufacturers worldwide, most of which are clients of Hakook Tire. Hankook Tire recorded solid growth last year, posting about $6.3 billion

Hyundai Motor, the nation’s top automaker, launched its first “tech experience” event for the local press with its seven-speed dual clutch transmission-mounted cars at its Namyang Technology Research Center in Hwaseong, Gyeonggi Province, on Friday in an effort to strengthen communication to address its technological prowess.“The event was designed to raise public understanding of Hyundai Motor’s technological advancements,” an official from the automaker said. The move was expected as the growt

Shareholders of Korean conglomerates, in particular institutional investors, are becoming vocal about their voting rights in an effort to raise the bar on the qualification of board members at firms they have invested in. “They are the most interested in getting advice on whether to vote for or against appointment of board members in the 2015 annual shareholders’ meetings,’’ said Kim Sang-yoon, an analyst of Sustinvest, an advisory firm for shareholder votes.The trend is finally gathering steam

Hyundai Motor, the nation’s top automaker, plans to start building its second factory in the U.S. within this year to ramp-up the supply of sport utility vehicles to the world’s second-largest car market, industry sources said. The new plant with an annual production capacity of 300,000 SUVs will be completed by 2017, but the company has yet to decide the plant location, the sources added.It is the first time that Hyundai Motor has disclosed a concrete plan for the second factory.Although a Hyun

Chiefs of overseas branches of Daewoo International, one of the nation’s biggest trading companies, get together on Wednesday after attending a three-day meeting for marketing strategy for this year at Songdo, Incheon. (Daewoo International)

Daewoo Shipbuilding & Marine Engineering is being hit by growing uncertainty about its new leadership, sapping staff morale. “Although the three-year term of current CEO Ko Jae-ho ends this month, the corporate board hasn’t even started discussions on his successor for the next three years,” Kim Sang-soo, a DSME union member, told The Korea Herald. The situation is unusual for the company. Previously, the board started the process for the next CEO appointment at least two months before the incum

SEOGWIPO, Jejudo Island ― Nissan Korea, which debuted Leaf, the world’s best-selling electric vehicle, last December in Jejudo Island, has set a goal of becoming the top foreign EV brand within three years. For now, Nissan is one of the two foreign EV brands doing business in Korea along with BMW. Industry watchers forecast more foreign electric cars will soon enter the local market. “Despite growing competition, we think it is an achievable goal, considering Leaf’s credibility, safety and techn

SEOGWIPO, Jejudo Island ― Renault Samsung Motor, the Korean unit of French automaker Renault S.A., will enter the electric taxi market with the SM3 Z.E., its sedan-type EV, ahead of its rivals, in an effort to retake its market leadership in the local zero-emission car market. SM3 Z.E. was the best-selling EV model in Korea in 2013, but was pushed into the second spot last year by Kia Motors’ Soul EV.“The company plans to sell 1,000 units of the SM3 Z.E. nationwide this year,’’ said Park Dong-ho

SEOGWIPO, Jejudo Island ― Electric automakers are vying to showcase their products at an international EV expo which kicked off for a two-week run here on Friday.Not only EV makers but also related-business players, including battery and charging station makers, joined the second International Electric Vehicle Expo at the International Convention Center of this resort island.Among international participants, China’s electric carmaker BYD and U.S.-based EV maker Detroit Electric joined the second

The nation’s job market has been in a slump for the past few years, affected by the prolonged economic slowdown. In contrast to this trend, demand for part-time or “arbeit”’ jobs has been growing across age groups at a steady pace. “Arbeit,” which means “worker” in German, has long been used to mean part-time job in Korea. “First of all, demographic and lifestyle changes in Korea have increased demand for part-time jobs,’’ said Choe In-young, CEO of Arbeit-Chunkook, the nation’s biggest open-mar

Samsung Group, the nation’s top conglomerate, is reorganizing its workforce across its affiliates, its chief spokesperson said Wednesday.“As far as I know, each affiliate is conducting reshuffles of their staff, depending on its business situation,” Lee Jun, Samsung Group’s top communications official, told reporters after a weekly regular meeting of presidents of Samsung affiliates.The workforce downsizing, however, would be based on the judgments of each company, not driven by the headquarters

Spotting small-sized foreign cars in the Korean streets will be more common this year as foreign car manufacturers are competing to debut their smaller models in different segments, targeting young Korean customers. “Going smaller in every segment will be the buzzword in the foreign auto community this year,’’ an industry insider said. BMW debuted the New Active Tourer,its minivan brand, in Korea last week. Audi launched a high-performance version of the A3, its smallest and cheapest sedan brand

South Korean conglomerates are on high alert as the National Pension Service, the nation’s largest investor, is forecast to actively exercise its voting rights at their annual shareholders’ meeting this month.“We are expanding our analysis of corporate proposals this year with the help of outside advisory firms for the first time,’’ an NPS official said on condition of anonymity.The Korea Corporate Governance Service and Sustinvest are offering advisory services to the NPS for voting on proposal

The 2015 Chevrolet Trax, General Motors’ small sport utility vehicle, won the top safety award by the Insurance Institute for Highway Safety in the United States on Feb. 24, GM Korea said in a press release. “The Trax received a good rating in all test categories, including the small-overlap test,” the company said.  The small-overlap test is a stringent test that replicates what happens when the front corner of a vehicle collides with another vehicle or an object. The IIHS also has reaffirmed t

As Korea started applying tighter emission standards, Euro 6, to new diesel-powered commercial vehicles weighing more than 3.5 metric tons, from January this year, foreign truck makers are seeking to capitalize and grab a bigger market share. At present, the domestic truck makers continue to dominate with around 70 percent market share. Daimler Trucks, a commercial vehicle unit of Daimler AG, is one such global truck maker that considers the Korean market as high-growth potential. The company de